JPMorgan Chase said that the Federal Reserve had no objections to the bank's dividend plan.

The Federal Reserve had originally planned to release the results of how U.S. banks fared during the stress tests Thursday, But following JPMorgan Chase's announcement, the Fed released released results at 4:30 p.m. Tuesday.

Last year, the Federal Reserve blocked Bank of America's attempt to increase its dividend.

JPMorgan said it could buy back up to $12 billion of its shares in 2012, and another $3 billion through the first quarter of 2013. Still, Dimon said the bank will weigh whether to use the buyback option depending on the stock price and market conditions.

"We expect to repurchase, at a minimum, approximately the same amount of shares that we issue for employee stock-based incentive awards," said Dimon. "Beyond this, we intend to repurchase equity only when we are generating capital in excess of what we need to fund our organic growth."